When The Bank Robs You

[nirrti]

I just started a new job, meaning that money is rather tight right now until I have more paychecks under my belt. My rent was due on the 5th. However, I didn't get paid until the 9th, meaning the check was going to cause my bank account to have a negative balance for one day. (The bank was closed for the weekend so my landlord couldn't cash it until the 8th, anyway.)

 

I anticipated an overdraft fee of, maybe $30 for my account being in the negative, not bad since it would only be for one day. But today, I got a letter from the bank saying they were charging $32 for every item that caused the overdraft, meaning not only my rent but a $2.58 purchase at the store and a $20 payment on a bill. They charged me $96 in fees!

 

In other words, they charged me $42 for a loan on two items that only totaled $22.58, extremely exorborant interest. In addition, they entered the rent check into their system before the other two items so my account would surely be in the negative before they ran the other two.

 

This meant if they purposely charged the two smaller items first, the account wouldn't be overdrawn until they charged the larger rent check. Therefore, they wouldn't be able to count those smaller items as those that caused the negative balance....and I wouldn't have been charged $64 of that $96 fee.

 

I'm so angry right now if that bank was open (It's after midnight right now), I'd probably cause so much of a commotion I'd get the police called on me. They talk about those "payday loan" places being predatory with their outragous interest rates. But I would've come out much cheaper getting one of those.

 

I'm going to the bank tomorrow to complain as there's absolutely no sense in a $32 charge for $2 fricken dollars.....and another $32 for $20. I'm also seriously considering writing an article about this. This shouldn't be allowed and I'm definately going to speak out against it.

[HuaiDan]

I don't use banks. What service can a bank provide that your own personal safe can not? I live in China. I pay for everything in cash.

Living on credit is the equivalent of selling your soul. Sure, there's a few inconveniences, but I live in comfort that those dirty crooks aren't laying a finger on my money.

If more and more people were willing to live like me, then the people would control the banks, instead of the other way around.

[Guest Emerson]

I like banks and they honestly work because of the trust that consumers have in banks. You see the real way that banks make money is usually when there are loans being given out. So they try to come up with ways to make more. So these $30-32 dollar pay overfee charges while ridiculous are another way for them to make money.

 

I don't think it matters to them what your purchase was, an overfee is an overfee and they like to milk them for all they can. But I'd definitely say yeah go tomorrow morning or today seeing how its already morning, and fight with them. Try to be nice, I used to work customer service and when customers were utterly rude...even though I worked in customer service, I didn't always go the extra mile to help them. So always be nice but definitely fight for your rights. Good luck with that, let us know how it all turns out. I'd like to know if you can actually fight these fees.

[HuaiDan]

I like banks and they honestly work because of the trust that consumers have in banks. You see the real way that banks make money is usually when there are loans being given out. So they try to come up with ways to make more. So these $30-32 dollar pay overfee charges while ridiculous are another way for them to make money.

 

I don't think it matters to them what your purchase was, an overfee is an overfee and they like to milk them for all they can. But I'd definitely say yeah go tomorrow morning or today seeing how its already morning, and fight with them. Try to be nice, I used to work customer service and when customers were utterly rude...even though I worked in customer service, I didn't always go the extra mile to help them. So always be nice but definitely fight for your rights. Good luck with that, let us know how it all turns out. I'd like to know if you can actually fight these fees.

In other words, be the good little slave they want you to be. Your body and soul are wholly owned by the banks and the conglomerates that control them. Always remember, it's their arena, you have no choice but to play by their rules. Depending on the mood and whim of the bank rep you deal with or the disposition of the director on the day you decide to contest the robbery, you may get your money back, you may not. Don't forget to whine, and beg. Get on your knees. Doesn't that leash feel good around your neck? Step out of line, and you'll find out how quickly it can become a noose.

[jjacksonRIAB]

I don't use banks. What service can a bank provide that your own personal safe can not? I live in China. I pay for everything in cash.

Living on credit is the equivalent of selling your soul. Sure, there's a few inconveniences, but I live in comfort that those dirty crooks aren't laying a finger on my money.

If more and more people were willing to live like me, then the people would control the banks, instead of the other way around.

 

I've always been interested in visiting China. Again. Do you mind if I visit you? Again. And we'll talk about old times and stuff. Like the time you did that funny thing and I laughed, because it was so funny, and the other time when we played that game, and those times where we pretended we were pirates, yeah, and well yar, matey, where did you hide the treasure?

 

Man, I miss those times. Now where was it again that you stashed your pirate treasure??? I'm drawing a blank.

 

I just started a new job, meaning that money is rather tight right now until I have more paychecks under my belt. My rent was due on the 5th. However, I didn't get paid until the 9th, meaning the check was going to cause my bank account to have a negative balance for one day. (The bank was closed for the weekend so my landlord couldn't cash it until the 8th, anyway.)

 

I anticipated an overdraft fee of, maybe $30 for my account being in the negative, not bad since it would only be for one day. But today, I got a letter from the bank saying they were charging $32 for every item that caused the overdraft, meaning not only my rent but a $2.58 purchase at the store and a $20 payment on a bill. They charged me $96 in fees!

 

In other words, they charged me $42 for a loan on two items that only totaled $22.58, extremely exorborant interest. In addition, they entered the rent check into their system before the other two items so my account would surely be in the negative before they ran the other two.

 

This meant if they purposely charged the two smaller items first, the account wouldn't be overdrawn until they charged the larger rent check. Therefore, they wouldn't be able to count those smaller items as those that caused the negative balance....and I wouldn't have been charged $64 of that $96 fee.

 

I'm so angry right now if that bank was open (It's after midnight right now), I'd probably cause so much of a commotion I'd get the police called on me. They talk about those "payday loan" places being predatory with their outragous interest rates. But I would've come out much cheaper getting one of those.

 

I'm going to the bank tomorrow to complain as there's absolutely no sense in a $32 charge for $2 fricken dollars.....and another $32 for $20. I'm also seriously considering writing an article about this. This shouldn't be allowed and I'm definately going to speak out against it.

 

HEY

 

You shoulda read the microprint, pal. Is it their fault that you did not have the foresight to invest in a $200,000 electron microscope? I think not.

 

You, sir, have issues.

 

This is the part where you get raped up the ass.

[Lycorth]

I think I may end up taking HuaiDan's advice and just stashing it all in a safe (granted, that's going to be one bitchin' safe). It's more convenient for me to bank right now, but when I'm out of debt, I may just tell the banks to go fuck off. They will rip you for as much money as you can the moment you do something wrong, and who can really trust them?

[Ex-COG]

While I guess you could live without bank services, it looks like it would be hard. If this happened to me, I would be shopping around for another bank or credit union. Some are better than others.

 

Hey, I've always heard that credit unions were better than banks, do any of you believe that to be true? I'm in a credit union, and they've made mistakes and seem to be just as money hungry as the banks.

[pandora]

I've been hit with $500 in fees alone from the vicious cycle of fees and bills that you mention above. I hate banks. I am looking for a new way to deal with my money.

[jjacksonRIAB]

Seriously, though, banks should not be so stupid with people's money. If they keep getting more oppressive, people will stop putting money in the banks and sock it away. If everyone did that there would be less money in circulation and it would put us right in the middle of another depression.

 

The wealthy already know this trick, and they have always had the opportunity to hoard and pull vast amounts out of circulation, which seems to be what many are doing now. There is no disincentive not to do it anyhow, because they ultimately benefit. On top of that there's nothing at all to stop that from happening if they ever decided to do it.

 

The value of our money ultimately depends on what we as a collective feel it's worth. A few scandals from the politicos or another "terrorist" attack may be all that is required for fear to win. It may not be all bad. The fear might wake us up and drive us to dismantle our regime. The question is whether a failure of the US economy would also pull the world economy down as it did so many years ago.

 

If you really want to prevent it, start spending money or saving it in banks. Keep it in circulation. Make people feel good about our economy and the value of the dollar, and we can raise it up. Allow the culture of fear to win, and it's all over.

[Lycorth]

It's all pointless, since the worth of money today is artifically controlled. Some jerk in the Federal Reserve can change the value of money at any time, so until the whole mess is done away with, all paths will be problematic.

[Ouroboros]

Nirrti, we have the same thing happened to us.

 

My wife paid some bills, and the paycheck came in a day late... every bills got charged $30. Shit!

 

So we're looking into a different bank. I heard WaMu have a credit so there's no overdraft if it happens to bounce just below zero for day or two.

[Guest Emerson]

In other words, be the good little slave they want you to be. Your body and soul are wholly owned by the banks and the conglomerates that control them. Always remember, it's their arena, you have no choice but to play by their rules. Depending on the mood and whim of the bank rep you deal with or the disposition of the director on the day you decide to contest the robbery, you may get your money back, you may not. Don't forget to whine, and beg. Get on your knees. Doesn't that leash feel good around your neck? Step out of line, and you'll find out how quickly it can become a noose.

 

You got it. Now let me whip out my little slave whip, I've got it right here...

Just kidding, but it won't really help to yell at the clerk who is in customer service, if you're nice then its likely that they'll help you. I'm not saying to not stick up for your rights, you definitely should. And Yeah I do like banks. How else would I get money if I didn't cash checks? I do like keeping my money in a bank, I don't have to apologize for it.

 

You can also get around the rules, like with safety deposit boxes. You can put money in there, even though I don't think you're supposed to and then stash money there. Its supposed to be private, and what the bank doesn't know won't hurt them. Just be careful when there's a bank rep and they're helping you take out the huge safety deposit, make sure you don't drop it....hehe, not that I do that you know.

[Caretaker]

Can't..... Resist......

 

In modern Russia, people rob banks....

 

but..

 

 

IN SOVIET AMERIKA....

 

Bank robs YOU!!!

[Evelyn]

I'm a long-time credit union member and they do charge for overdrafts. Fortunately, I haven't done that very often. However, the last time I wrote a check that bounced, the credit union charged me $40 and the place I wrote the check to charged me $40, so the one overdraft cost me $80.

[Ex-COG]

I'm a long-time credit union member and they do charge for overdrafts. Fortunately, I haven't done that very often. However, the last time I wrote a check that bounced, the credit union charged me $40 and the place I wrote the check to charged me $40, so the one overdraft cost me $80.

I have overdraft protection; they pull the money out of my savings to cover it. See if your credit union offers this. I've never writen a bad check, but the credit union made mistakes twice that caused my overdraft protection to kick in, so it messed up my balances. Then once they bounced a check (to my church, no less! How embarrassing.) when I had more than enough money to cover it. They never could give me a reason why that happened.

[fallenleaf]

In my experience, when this has happened (sadly more than once), a simple call to the bank and an explanation often gets them to wipe out all but one of the overdrafts. Just as long as it's pretty clear what happened was not intentionally screwing them over.

 

In one case I forgot about a $10 check and managed to over draw by just about $8... but did it in $1-$2 increments because I knew I was close and didn't want to overdraw. Naturally they wanted $150 in overdraft fees originally. Once I got someone on the phone and explained what happened -- and also told them how sorry I was but that I thought it was extreme to pay that much, that I didn't mind paying once for the mistake, etc... it was all cleared up.

 

Anyway, it may look bad at first but a little sweet talk can make this problem vanish. Be calm and they'll usually work with you. They're people too and they're pretty understanding.

 

And that's not just my current bank. I've had another bank in the past which was exactly the same. So I'm led, by past experience, to believe that most can act like that if you give them the chance.

[LloydDobler]

What service can a bank provide that your own personal safe can not?

I can think of a couple things:

 

Protection from theft when conducting transactions (even after that theft has occurred). When you use a bank, you don't have to ever carry cash. You either use a checkbook or a debit card, which are both fully insured against theft and fraud. You can even use the debit card to enforce warranty issues long after you purchase an item.

 

Also, ubiquitous portability and access to your money. Using your method, if I want to buy say a $500 TV, I have to go home, carry $500 from my house to the store, and if the price is different than I remembered I have to go home and get more money. Not so with a checkbook or debit card. I can literally go anywhere and buy anything without having to make sure I brought enough money with me.

 

Whether or not these things are valuable to you is a matter of choice. But they are two things that banks can provide that your own personal safe cannot.

 

I use free checking and overdraft protection to a creditline. I haven't had any bank charges of any kind for the last 15 years except for interest when they loaned me money. If you have any credit whatsoever, I highly recommend this. But it takes discipline to not use it and let the balance grow.

[Amethyst]

I always check my account balance online at least once a week, and balance my checkbook. That way, I know how much money I have and avoid overdrafts. The only fees I've paid are for non-bank chain ATMs, which I try to avoid.

[loves_learning]

I actually work at a bank (gotta pay for grad school somehow!), and most if not all reputable banks nowadays offer some sort of overdraft protection. If you have a savings account, credit line, or a credit card that has available funds, you can link one of those to a checking account so you don't have to worry about overdrafts. In other words, if you F-up and forget something and overdraft your account, the funds are simply transferred over and no fees are incurred.

 

If this is a first time incident, then most of the time you can get the overdraft fees refunded...or at least most of them. If you are nice enough about it your account officer tends to work with you. If this is a repeat problem, however, then don't count on it.

 

Also, shop around and look for the best rate on overdraft fees if you are unable to protect yourself using one of the above methods. The bank I work at just raised its fees to $25...which pissed off our customers, but it is still cheaper than pretty much every other bank I know off. Many fees range from 30-50 bucks per incident...ouch. Look at local banks and/or credit unions, as they are not able to compete quite so much as big national chains, they tend to have nicer customer services. I work at a local chain that has a national mortgage department and is seeking to grow...so yea, they're real nice at the moment to people!